Moody's revises India's 2020 GDP forecast to -8.9% from -9.6%
Nov 12, 01:11

Moody's Investors Service, on November 12, revised India's Gross Domestic Product (GDP) forecast upwards for calendar year 2020 to -8.9 percent from the -9.6 percent contraction forecast earlier.

India's GDP forecast for calendar year 2021 was similarly revised to 8.6 percent from 8.1 percent predicted earlier. The economy had contracted by about 23.9 percent in the April-June quarter and is earlier seen contracting more than 10 percent in FY2021. This was largely due to the impact of the nationwide lockdown imposed to curb the spread of the novel coronavirus outbreak.

Finance Minister Nirmala Sitharaman on November 12 cited this forecast from Moody's to point out that the Indian economy was rebounding.

“This shows that a positive correction is happening as regards our economic prospects,” the finance minister said.

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